What Is OPEC And Why Does It Have Such Influence On Crude Prices?

An offshore oil platform to represent OPEC

For many of us, when we hear the word ‘cartel’ our minds instantly jump to illicit drug rings and smuggling. OPEC, however, is a cartel of a different kind. In fact, it’s the world’s biggest cartel, is entirely legitimate and exerts an extraordinary amount of power and influence on oil prices, globally. What is it? […]